A new study from Zillow indicates that more than half of U.S. homes have experienced a decline in value over the past year, with the impact being even more pronounced in North Texas.
Roughly 53% of homes in the country experienced a decline in value between October 2024 and October 2025, marking the fastest drop since 2012 and a significant increase from just 16% one year ago.
However, in Dallas-Fort Worth, nearly 87% of houses have experienced a decrease during that period, about 34% points above the national average.
Zillow measured the decline using its “Zestimate” metric, an algorithmic estimate based on public records, user data, and comparable home sales.
Despite the potentially stark findings, Zillow says it remains rare for a home to sell for less than its previous sale price. Even still, the percentage of homes selling for lower prices is rising, according to the real estate company’s recent report.
“Loss of value over the past year has been most widespread in the West and South. Most major metros in these regions have seen half or more of their homes lose value. More homes have slid in Denver than in any other metro, 91%, followed by Austin (89%), Sacramento (88%), Phoenix and Dallas — both at 87%,” reads the November 17 report.
According to the study, the estimated value of a home in Dallas has decreased by 11% from its peak.
This represents the biggest slip since 2013, when a 13.6% drop was recorded. Importantly, however, most homes in the city reached their peak value in the past few years, meaning that most Dallas homeowners still own a property that has appreciated since they purchased it.
“Among homes with sales records in Zillow data, the median home was last purchased 8.6 years ago and has experienced a 67.2% increase in value since that sale,” says the report.
In Dallas in September, just 3.9% of homes were valued lower than their previous sale price.